12 Best Canadian Stocks With Huge Upside Potential

7. Profound Medical Corp. (NASDAQ:PROF)

Number of Hedge Fund Holders: 12

Average Upside Potential as of June 20: 75.20%

Profound Medical Corp. (NASDAQ:PROF) is one of the best Canadian stocks with huge upside potential. On June 10, Profound Medical announced the successful completion of the first commercial benign prostatic hyperplasia/BPH treatment using its TULSA-PRO system with the new TULSA-AI Volume Reduction Module.

The procedure was performed on June 9 by Dr. Naveen Kella, the Founder of The Urology Place and an Adjunct Assistant Professor for the UT Health Science Center, San Antonio. BPH is a non-cancerous enlargement of the prostate gland common in aging men, which often leads to lower urinary tract symptoms/LUTS. Current BPH treatments, like transurethral resection of the prostate/TUR, have largely remained unchanged for 100+ years and carry risks of complications like bleeding, erectile dysfunction, loss of ejaculation, and extended hospital stays.

The TULSA procedure, performed with the TULSA-PRO system, is designed to be an incision- and radiation-free one-and-done treatment, which is typically completed in a few hours without requiring a hospital stay or causing bleeding.

The TULSA-PRO system, which received 510(k) clearance in 2019, employs real-time MR guidance and AI-enhanced planning for precise ablation of diseased prostate tissue by gently heating it to 55-57°C via sound absorption technology. The newly introduced TULSA-AI Volume Reduction module specifically streamlines TULSA procedures for BPH by reducing the volume of obstructive prostate tissue. Before the new module, the TULSA-PRO system was already used globally by surgeons for BPH.

Profound Medical Corp. (NASDAQ:PROF) is a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image-guided ablation of diseased tissue in Canada, Germany, the US, and Finland.